Good morning. It's easy to overlook the weather. However, executives are increasingly warning...
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.
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SAVE YOUR SEAT HERE >> | | | | | | DOW 33,573.28 | +0.03% | | | | S&P 4,283.85 | +0.24% | | | | NASDAQ 13,276.42 | +0.36% | | | | *As of market close | | • | Stocks closed higher on Tuesday, shaking off a morning drop. | | • | Oil slid 0.9 percent, closing at $71.53 per barrel. | | • | Gold rallied 0.3 percent, ending the day at $1,980 per ounce. | | • | Cryptocurrencies traded higher, with bitcoin at $27,155 at the market close. | | | | | | | | | | This Fearful Part of the Market Has Pockets of Safety | | | | While stocks have trended higher this year overall, investors have been unpleasantly surprised by a series of bank failures. While it's been largely quiet in the past few weeks, many small and regional banks remain beaten down. That's creating an opportunity for investors. Why? While there may still be more bank failures ahead, many names in the space are safe. And because they've been beaten down so heavily, they now trade at a steep discount. » FULL STORY | | | | | | Insider Trading Report: Acadia Realty Trust (AKR) | | | | Douglas Crocker, a director at Acadia Realty Trust (AKR), recently bought 28,250 shares. The buy increased his stake by 34 percent, and came to a total cost of $364,425. This marks the first insider purchase at the company in over two years. Otherwise, company insiders have generally been sellers of shares. One director was a regular seller throughout 2022, and company executives have been modest sellers of shares after exercising stock options. » FULL STORY | | | | | | Unusual Options Activity: Rapid7 (RPD) | | | | Cybersecurity company Rapid7 (RPD) has had a 30 percent drop over the past year. One trader sees a strong rebound in the coming weeks. That's based on the July $60 calls. With 40 days until expiration, 10,579 contracts traded compared to a prior open interest of 111, for a 95-fold rise in volume on the trade. The buyer of the calls paid $0.95 to make the bullish bet.
» FULL STORY | | | | | | • | West Coast Dockworkers Disrupting Trade
The Pacific Maritime Association reports that dockworkers are disrupting trade, with two of six marine terminals being closed on Monday, the fourth day of such disruptions. The disruption has occurred as dockworkers started negotiations on a new contract on May 10 for the 22,000 members of the International Longshoreman and Warehouse Union. | | | | • | Big Banks Face Higher Capital Requirements
Regulators may ask big banks to increase their capital requirements in the coming weeks. Such a move is designed to deleverage banking operations, and would require big banks to shore up their balance sheets. The move could be the next step to avoiding a further crisis in the banking sector following failures among regional banks earlier this year. | | | | • | Palo Alto Networks to Join S&P 500
Chipmaker Palo Alto Networks (PANW) will join the S&P 500 index, replacing First Republic Bank, which was seized by regulators earlier this year. Shares rose modestly on the news, and other potential contenders saw a drop in shares, as many market participants thought financial giant Blackstone (BX) would replace the bank. | | | | • | SEC Sues Binance for Securities Violations
Citing securities violations, the Securities and Exchange Commission has sued crypto exchange Binance, as well as its billionaire founder, Changpeng Zhao. The SEC claims that they worked to attract U.S. customers to their unregulated international exchange, and comingled investor funds with their own. | | | | • | Apple Unveils Headset
Consumer tech giant Apple (AAPL) has unveiled its latest product. The Apple Vision Pro is an AR headset, and has been anticipated by consumers for years. Apple is pricing the headset at $3,499, with availability as soon as early 2024. The price is substantially higher than competing headsets, including Meta Platform's (META) Quest 3 headset, priced at $499. | | | | | | TOP | | VFC | 6.975% | | | CMA | 6.768% | | | DISH | 6.268% | | | ETSY | 5.566% | | | KMX | 5.249% | | | BOTTOM | | ILMN | 3.59% | | | FSLR | 3.383% | | | ELV | 3.295% | | | STX | 3.023% | | | MRK | 2.988% | | | | | | | | | We think as long as the economy continues to chug along and doesn't show any signs of recession —which so far it hasn't — the rest of the market can play catch up, and we'll see some of those other sectors close the gap a little bit. | | - Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, on why tech stocks may lag in the weeks and months ahead while other sectors of the market start to show some leadership and move higher. | | |
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